Interested in a printable PDF? See the list of Internal Revenue Bulletins in PDF format. Recent interest rate notices Updates for the corporate bond weighted average interest rates; the 24-month average segment rates; the funding transitional segment rates; and the minimum present value transitional rates. Interest rate tables for retirement plans Rev. Proc. 2024-32, 2024-34 I.R.B, 523 Updates the procedures in Rev. Proc. 2017-55 to set forth the procedure by which the sponsor of a defined benefit plan that is subject to the funding requirements of Section 430 may request approval from the IRS for the use of plan-specific substitute mortality tables in accordance with Section 430(h)(3)(C) and Section 1.430(h)(3)-2. This revenue procedure also specifies the date by which the use of a previously approved substitute mortality table must be terminated in conjunction with the replacement of the generally applicable mortality tables specified in Section 430(h)(3)(A) and Section 1.430(h)(3)-1. Rev. Proc. 2024-4, 2024-01 I.R.B. 160 Updates Rev. Proc. 2023-4, 2023-1 IRB 162, relating to the types of advice the IRS provides to taxpayers on issues under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division, Employee Plans Rulings and Agreements, and the procedures that apply to requests for determination letters and private letter rulings. Notice 2024-55, 2024-28 I.R.B. 31 Provides guidance on the application of the exceptions to the 10 percent additional tax under IRC Section 72(t)(1) for emergency personal expense distributions and domestic abuse victim distributions. Notice 2024-42, 2024-25 I.R.B. 1732 Specifies updated static mortality tables to be used for defined benefit pension plans under Section 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406, as amended (ERISA). These updated static mortality tables, which are being issued pursuant to the regulations under Section 430(h)(3)(A) of the Code, apply for purposes of calculating the funding target and other items for valuation dates occurring during the 2025 calendar year. Notice 2024-35, 2024-19 I.R.B. 1051 Provides relief with respect to certain required minimum distributions (RMDs) that are not made in 2024. This relief was provided with respect to certain RMDs in 2021, 2022, and 2023, and is being extended in this notice to certain RMDs in 2024. Specifically, the notice provides that if certain requirements are met, a plan will not fail to be qualified for failing to make a specified RMD in 2024, and a taxpayer will not be assessed an excise tax for failing to take the RMD. This notice also announces that the final regulations intended to be published relating to RMDs are anticipated to apply for purposes of determining RMDs for calendar years beginning on or after January 1, 2025. Notice 2024-22, 2024-6 I.R.B. 662 The IRS is issuing initial guidance on pension-linked emergency savings accounts (PLESAs), which are individual accounts, in defined contribution plans, that are designed to encourage employees to save for financial emergencies. The notice provides initial guidance regarding anti-abuse rules under IRC Section 402A(e)(12) to assist in the implementation of SECURE 2.0 Act Section 127 provisions. Rev. Rul. 2024-1, 2024-02 I.R.B. 307 Provides tables of covered compensation under IRC Section 401(l)(5)(E) and the Income Tax Regulations thereunder, effective January 1, 2024. T.D. 10005, 2024-34 I.R.B. 510 Updates the requirements that a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan in calculating present value for minimum funding purposes (as a substitute for the generally applicable mortality tables). REG-103529-23, 2024-33 I.R.B. 512 These proposed regulations would address various provisions that are reserved in the final regulations under Code sections 401(a)(9) and 402(c) in Treasury Decision 10001 (TD 10001), which is being published simultaneously with these proposed regulations. The reserved provisions in TD 10001 which these proposed regulations would address reflect the following sections of the SECURE 2.0 Act of 2022 (SECURE 2.0 Act), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023, Public Law 117-328, 136 Stat. 4459 (2022), to the extent they are not addressed in TD 10001: 107 (increase in age for required beginning date for mandatory distributions), 202 (qualifying longevity annuity contracts), 204 (eliminating a penalty on partial annuitization of an employee’s individual account under a defined contribution plan), 302 (reduction in excise tax on certain accumulations in qualified retirement plans), 325 (Roth plan distribution rules), and 327 (surviving spouse election to be treated as employee). In addition, these proposed regulations would provide guidance relating to provisions in TD 10001 permitting separate application of section 401(a)(9) with respect to multiple beneficiaries of a see-through trust. T.D. 9990, 2024-19 I.R.B. 966 These final rules amend the definition of short-term, limited-duration insurance for purposes of the exclusion from the definition of “individual health insurance coverage” in 26 CFR part 54, 29 CFR part 2590, and 45 CFR part 144. These final rules also amend the requirements for hospital indemnity and other fixed indemnity insurance to be treated as an excepted benefit in the group and individual health insurance markets. T.D. 9987, 2024-06 I.R.B. 648 Provide guidance relating to the minimum present value requirements applicable to certain defined benefit pension plans. These regulations provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules regarding the treatment of preretirement mortality discounts and Social Security level income options. T.D. 9986, 2024-05 I.R.B. 610 Specifies the methodology for constructing the corporate bond yield curve that is used to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan, as well as for discounting unpaid losses and estimated salvage recoverable of insurance companies. Rev. Proc. 2023-4, 2023-01 I.R.B. 162 Updates Rev. Proc. 2022-4, 2022-1 IRB 161, relating to the types of advice the IRS provides to taxpayers on issues under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division, Employee Plans Rulings and Agreements, and the procedures that apply to requests for determination letters and private letter rulings.
